The instant lottery and sports betting concessionaire has extended its concession for three years but without exclusive rights.
Macau.- Sociedade de Lotarias e Apostas Mutuas de Macau, known as Macau Slot Co., has renewed its concession to operate soccer and basketball lotteries until June 5, 2024, but it will now face competition from other players.
According to Macau Business, Macau Slot, may also “organize and explore other forms of lotteries or mutual betting” after approval from the Gaming Inspection and Coordination Department.
Macau Slot Co’s contract could be revoked if the operator fails to maintain local workers.
The company reported GGR down 27 per cent year-on-year in 2020 to nearly MOP$543m (US$67.8m) due to the Covid-19 pandemic. That’s the lowest number in at least five years.
In 2019, the instant lottery and sports betting concessionaire reported net profits of MOP154.8m (US$19.3m), a 30 per cent drop.
Macau authorities analyse changes to gaming licence criteria
Macau’s current casino licences will expire in June 2022, but could be extended for up to five years under to the city’s gaming laws.
However, the city is analysing making changes to the current licence criteria following the impact of the Covid-19 pandemic.
Some analysts have suggested the upcoming retendering of Macau’s casino licences would be the ideal time to implement changes to licence criteria and to allow online gambling.
Analysts say online gambling combined with virtual reality could be effective to curb gambling addiction and could boost casino operators’ revenue amid uncertainty about possible new Covid-19 waves.
In May, Legislator Ella Lei Cheng I said that legislators were suggesting the government conduct an assessment on how Macau’s gaming companies have exercised their contracts.
The proposal came ahead of a Legislative Assembly consultation session to gather opinions on proposed amendments to Macau’s gaming law.
According to local media, government officials listened to legislators’ suggestions on changes to the licence criteria to include requirements for operators to invest in the diversification of Macau’s economy.